Cryocoolers Market to Grow at a CAGR of 9.3% to reach US$ 3137.17 Mn Million from 2019 to 2027

The Cryocoolers market is accounted to US$ 1415.52 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019 – 2027, to account to US$ 3137.17 Mn by 2027.

Asia-Pacific is anticipated to be the fastest growing market and North America is to be the highest revenue contributor throughout the forecast period. Higher investments for cryocooler application such as increase in the number of healthcare and space applications would accentuate the growth of cryocooler market in North America. Moreover, in Asian countries witnessed higher military spending, which includes high budget for military outer-space programmes. The overall military spending recorded by Asia Pacific region in the year 2018 was over US$ 450 Bn, which is expected to fuel cryocoolers market in this region.

Market Insights

Adoption of Cryogenic Solutions for space applications

Cryogenic fluids such as liquid helium, liquid nitrogen, or cold nitrogen, and helium gas were primarily being used in the cryostats. However, higher costs associated with the extraction of these cryogenic liquids for passive cooling led to the search of substitute materials. Cryocooler have been put into commercial usage more than three decades back as able substitutes to the cryogenic liquids in terms of cost-effectiveness, reliability, and lower maintenance costs. The highlighting features of cryocoolers that make them unique products especially in the space based applications are smaller sizes, lesser weights, and volumes.

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Cryocoolers Market: Strategic Insights

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Emergence of Effective cryocoolers

It is expected that emerging diagnostic procedures in cardiovascular imaging along with therapeutic procedures involving image-guided surgery will produce a concurrent demand for higher fields than are currently available in ‘open’ slot magnets and greater access to the patient than is currently available in ‘short bore’ magnets. These goals are not consistent with the perceived need for continuing magnet price reduction. Continued progress in cryogenic refrigeration will result in a moving cost target for HTS conductors and it is doubtful that they will ever be applied in air core MRI magnet windings where significant amounts of conductor are required because they cost so much more than LTS conductors.

Product Insights

The global cryocooler market by types was led by Gifford-McMahon (GM) segment. Rest products considered in the cryocooler market includes Brayton Cryocoolers, Pulse-Tube (PT), Stirling, Joule-Thomson (JT), and others.

Application Insights

The cryocoolers market by application is segmented into environmental, transport, military, commercial, healthcare, space, R&D, agriculture, and others. The Cryocoolers regulate, block and allow the flow of any media such as liquid, gases and water through the pipeline. The rise in the service and IT industry has led to the drastic growth in the number of commercial building constructions in the last few years. Apart from this, stringent Government regulations imposed on maintaining energy-efficiencies in these buildings have led to increasing adoptions of products that optimize energy consumptions.

New market initiatives were observed as the most adopted strategy in global cryocooler industry. Few of the recent market initiatives are listed below:

2019:The SHI Cryogenics Group added a new model to its line of Gifford-McMahon (GM) Cryocoolers with the introduction of the RDE-418D4 1.8/2.0W 4K Cryocooler. This New RDE-418D4 Cryocooler Increases Cooling Performance by 20% Compared to Existing Models.
2018:Chart Industries, Inc. announced that it has completed the divestiture of its oxygen-related products business ("CAIRE Medical") within its BioMedical segment to NGK SPARK PLUG CO., LTD. for $133.5 million. The strategic decision to divest the oxygen-related products business reflects Chart's strategy and capital allocation approach to focus on its core cryogenic capabilities and offerings.
2018:Chart Industries Inc. acquired Skaff Cryogenics & Cryo-Lease, LLC. The acquisition of Skaff expands Chart’s direct regional presence for service and aftermarket support in the Northeast United States. This is a very strategic expansion for the company as it drives to bring more value to its customers.

Cryocoolers Market Regional Insights

The regional trends and factors influencing the Cryocoolers Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Cryocoolers Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Cryocoolers Market Report Scope

Cryocoolers Market Players Density: Understanding Its Impact on Business Dynamics

The Cryocoolers Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Cryocoolers Market are:

1. Advanced Research Systems, Inc.
2. Brooks Automation Inc.
3. Chart Industries Inc.
4. Cryomech Inc.
5. Northrop Grumman Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

GLOBAL CRYOCOOLERS – MARKET SEGMENTATION

Global Cryocoolers Market - By Hardware

• Power Conditioning Units
• Cold Heads
• Compressors
• Heat Dissipation Pipes
• Others

Global Cryocoolers Market - By Type

• Brayton Cryocoolers
• Pulse-Tube (PT)
• Stirling
• Gifford-McMahon
• Joule-Thomson (JT)
• Others

Global Cryocoolers Market - By Application

• Healthcare
• Environmental
• Transport
• Military
• Commercial
• Space
• Research & Development
• Agriculture
• Others

Global Cryocoolers Market - By Geography

• North America

  • U.S.
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe

• Asia Pacific (APAC)

  • Taiwan
  • China
  • India
  • Australia
  • Japan
  • Rest of Asia Pacific

• Middle East and Africa (MEA)

  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Argentina
  • Rest of SAM

Global Cryocoolers Market - Company Profiles

• Advanced Research Systems, Inc.
• Brooks Automation Inc.
• Chart Industries Inc.
• Cryomech Inc.
• Northrop Grumman Corporation
• RICOR – Cryogenic & Vacuum Systems
• Sumitomo Heavy Industries, Ltd.
• Sunpower Inc. (Ametek Inc.)
• Superconductor Technologies Inc.
• Thales Group